Cognizant buys Pune consulting firm for $2m

By SiliconIndia   |   Wednesday, 25 February 2004, 08:00 Hrs
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PUNE: Cognizant Technology Solutions, the $368.2m IT services provider, has acquired the Pune-based Ygyan Consulting for approximately $2m. This is Cognizant’s first acquisition in India and will be completed by the end of this month. The Foreign Investment Promotion Board (FIPB) cleared the proposal on Friday.

“The acquisition will strengthen Cognizant’s solution spectrum; all its acquisitions being aimed at strengthening a geographic footprint and verticals. Ygyan does SAP implementation for the small and medium-sized enterprises (SMEs) and has a strong retail vertical. Cognizant has acquired five companies in the past 20 months, two each in the US and Europe, and this is our first acquisition in India,” R Ramkumar, chief knowledge officer, Cognizant, said. Ygyan Consulting, founded by Anant Padmanabhan in 1998, has a vertical focus on the manufacturing, construction, healthcare and retail sectors. It has marketing offices in Singapore and the UK, supported by an 85-member team based primarily in Pune.

Ygyan’s revenues last year were $3m. The acquisition will allow Cognizant to cross-sell its core service to Ygyan’s existing client base, which is largely in the UK and Singapore.

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